RealTime IT News

SilverBack Gets Greenbacks

SilverBack Technologies, a Billerica, Mass., maker of IT monitoring software, has raised $9 million in fourth-round financing to push into new markets.

Prism Venture Partners was lead investor. Matrix Partners, North Bridge Venture Partners and Spectrum Equity Investors and the Boston University Community Technology Fund also contributed.

SilverBack's flagship product is InfoCare. The offering enables service providers and mid-tier organizations to manage the performance of networks, systems and applications.

"In response to today's challenging market conditions, our strategy is to deliver tightly integrated IT monitoring software to mid-tier organizations that simply cannot afford or maintain traditional enterprise-class solutions," said Dan Phillips, CEO of SilverBack.

A SilverBack spokesman said the company is looking to increase its presence in several markets including health care and hospitals, financial services, banking and education. It is also looking to expand in Asia-Pacific.

As part of Prism's investment, Jack Sweeney, a general partner, will join SilverBack's board of directors.

"We are extremely impressed with SilverBack's management team and their ability to advance the product, delivering increased business value and significant ROI to customers and channel partners," Sweeney said.

For privately held SilverBack, the venture capital comes a month after it landed Nova, a provider of facilities design, engineering and technology, as a customer.

SilverBack is privately held and does not release financial information. In August 2000, it tallied $18.5 million in its second round.